YIT

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Finnish construction company

title: "YIT" type: doc version: 1 created: 2026-02-28 author: "Wikipedia contributors" status: active scope: public tags: ["companies-based-in-helsinki", "construction-and-civil-engineering-companies-established-in-1912", "companies-listed-on-nasdaq-helsinki", "construction-and-civil-engineering-companies-of-finland", "service-companies-of-finland", "finnish-companies-established-in-1912", "multinational-companies-headquartered-in-finland"] description: "Finnish construction company" topic_path: "engineering" source: "https://en.wikipedia.org/wiki/YIT" license: "CC BY-SA 4.0" wikipedia_page_id: 0 wikipedia_revision_id: 0

::summary Finnish construction company ::

::data[format=table title="Infobox company"]

FieldValue
nameYIT Oyj
logoYIT Oyj (logo).svg
logo_size200px
typeJulkinen osakeyhtiö
traded_as
foundation1912
locationHelsinki, Finland
key_peopleHeikki Vuorenmaa (President and CEO, Jyri Luomakoski (Chairman)
industryConstruction, services
productsconstruction of housing, business premises and infrastructure
revenue€2.2 billion (2023)
profit€41.0 million (2023)
num_employees~4 300 (2024)
homepagewww.yitgroup.com
::

| name = YIT Oyj | logo = YIT Oyj (logo).svg | logo_size = 200px | type = Julkinen osakeyhtiö | traded_as = | foundation = 1912 | location = Helsinki, Finland | key_people = Heikki Vuorenmaa (President and CEO, Jyri Luomakoski (Chairman) | industry = Construction, services | products = construction of housing, business premises and infrastructure | revenue = €2.2 billion (2023) | profit = €41.0 million (2023) | num_employees = ~4 300 (2024) | homepage = www.yitgroup.com ::figure[src="https://upload.wikimedia.org/wikipedia/commons/9/9f/Cirrus_Helsinki_10-04-2007.jpg" caption="Cirrus]] apartment block, Finland's tallest high-rise building, constructed by YIT between 2004 and 2007."] ::

::figure[src="https://upload.wikimedia.org/wikipedia/commons/f/fb/FinlandParliamentOffice.jpg" caption="extension]] to the [[Eduskuntatalo]], of which YIT was the lead contractor."] ::

::figure[src="https://upload.wikimedia.org/wikipedia/commons/9/99/Tähtisilta.jpg" caption="The Tähtiniemi Bridge in [[Heinola]], of which YIT was the lead contractor.{{cite web"] ::

|url=http://en.structurae.de/structures/data/index.cfm?ID=s0000584 |title=Tähtiniemi Bridge |last=Structurae |access-date=2007-08-06}}]] YIT Oyj is the largest Finnish and a significant North European construction company. YIT is headquartered in Helsinki and its stock is listed on Nasdaq Helsinki Oy. YIT develops and builds apartments, business premises and entire areas. YIT is also specialised in demanding infrastructure construction and paving. YIT operates in 8 countries: Finland, Sweden, the Baltic States, the Czech Republic, Slovakia and Poland.{{cite web |url = https://www.yitgroup.com/en/about-yit |title = About YIT |last = YIT Group |access-date = 2010-12-31 |archive-url = https://web.archive.org/web/20100124180143/http://www.yitgroup.com/services/company/in_brief |archive-date = 2010-01-24 |url-status = dead

History

The origins of YIT can be traced back to 1912, when Sweden's General Engineering Company () established a subsidiary in Finland, initially to operate in the water supply sector.{{Cite journal | last1 = Katko | first1 = Tapio S. | last2 = Juuti | first2 = Petri S. | last3 = Pietila | first3 = Pekka E. | title = Key long-term strategic decisions in water and sanitation services management in Finland, 1860–2003 | journal = Boreal Environment Research | volume = 11 | issue = 5 | pages = 389–400 | year = 1999 | url = http://www.borenv.net/BER/pdfs/ber11/ber11-389.pdf | access-date = 2007-08-07 | issn = 1239-6095 | archive-date = 2018-04-21 | archive-url = https://web.archive.org/web/20180421094919/http://www.borenv.net/BER/pdfs/ber11/ber11-389.pdf | url-status = dead |url = http://www.yitgroup.com/services/industry/31565 |title = Water Treatment |last = YIT Group |access-date = 2007-08-01 |archive-url = https://web.archive.org/web/20070729100755/http://www.yitgroup.com/services/industry/31565 |archive-date = 2007-07-29 |url-status = dead |url=http://yittilaukset.yit.fi/projektit/yitvk1998e.pdf |title=Annual Report 1998 |last=YIT Group |access-date=2007-08-07 |archive-url = https://web.archive.org/web/20070928211208/http://yittilaukset.yit.fi/projektit/yitvk1998e.pdf |archive-date = 2007-09-28}} In September 1987, Yleinen Insinööritoimisto merged with rival Finnish contractor Perusyhtymä Oy, creating YIT-Yhtymä (YIT Corporation).{{cite web |url = http://www.yitgroup.com/services/investors/31301/30048/30071 |title = History of YIT's share |last = YIT Group |access-date = 2007-08-07 |archive-url = https://web.archive.org/web/20070927175503/http://www.yitgroup.com/services/investors/31301/30048/30071 |archive-date = 2007-09-27 |url-status = dead |url = http://english.yit.ru/16474/16486/18764/18765/18766/18767 |title = Parent company YIT |last = YIT Russia |access-date = 2007-08-07 |archive-url = https://web.archive.org/web/20070927161431/http://english.yit.ru/16474/16486/18764/18765/18766/18767 |archive-date = 2007-09-27 |url-status = dead |url=http://www.mondaq.com/article.asp?articleid=5920&searchresults=1 |title=Finland: YIT-Yhtyma OY Acquired Huber |publisher=Mondaq |access-date=2007-08-07 |date=January 10, 1996}} the same year that the company's shares were listed on the Helsinki Stock Exchange, and the Swedish pipeline installation and maintenance firm Calor AB and its Finnish subsidiary were purchased in 2001.{{cite web |url=http://www.kilpailuvirasto.fi/tiedostot/vuosikirja-2002-englanti.pdf |title=Yearbook 2002: Merger Control |last=Finnish Competition Authority |access-date=2007-08-07 |issn=1458-1701}} These additions assisted a wider move into the industrial upkeep and maintenance market. Primatel, the network construction and maintenance arm of the telecommunications firm Sonera, was added in 2002,{{cite web |url=http://www.secinfo.com/dRqWm.3ftz.htm |title=Sonera Corporation sells the share capital of Primatel Ltd. to YIT Corporation |publisher=United States Securities and Exchange Commission, Form 6K submitted by Sonera |date=2002-04-24 |access-date=2007-08-07 |archive-date=2021-06-10 |archive-url=https://web.archive.org/web/20210610143104/http://www.secinfo.com/dRqWm.3ftz.htm |url-status=dead |last = Hall |first = William |title = ABB sells half its building system unit to YIT |publisher = Financial Times |date = 2003-07-04 |url = http://search.ft.com/iab?queryText=YIT&aje=true&id=030704001715&location=http://search.ft.com/ftArticle?queryText=YIT&aje=true&id=030704001715&referer=http://search.ft.com/search?queryText=YIT |access-date = 2007-08-07

In March 2022, YIT quit all activities, such as investments and construction, in Russia because of 2022 Russian invasion of Ukraine.

Current activities

YIT's recent acquisitions have seen the company increase markedly in size - both the company's revenue and workforce more than trebled in the ten years to 2007,{{cite web |url = http://helecon3.hse.fi/FI/yrityspalvelin/pdf/1997/eyit.pdf |title = Annual Report 1997 |last = YIT Group |access-date = 2007-08-06 |last = Brandt |first = Nadja |title = Cap Gemini, Clarins, Infineon, LVMH: European Equity Preview |publisher = Bloomberg |date = 2007-07-26 |url = http://quote.bloomberg.com/apps/news?pid=20601100&sid=ajKQ1t1m5zZw&refer=germany |access-date = 2007-08-03 |archive-url = https://web.archive.org/web/20070930045610/http://quote.bloomberg.com/apps/news?pid=20601100&sid=ajKQ1t1m5zZw&refer=germany |archive-date = 2007-09-30 |url-status = dead | last = Dranitsyna | first = Yekaterina | title = Revenue Growth Attracts YIT | publisher = The Moscow Times | date = 2006-10-17 | url = http://www.themoscowtimes.com/stories/2006/10/17/049.html | access-date = 2007-08-03}} and the largest supplier of building systems services in the Nordic region by sales.{{cite web |url = http://www.yit.fi/attachment.asp?path=1;1574;1591;26340 |title = YIT Company Presentation |last = YIT Group |date = 2002-02-04 |access-date = 2007-08-06 |archive-url = https://web.archive.org/web/20110102072715/http://www.yit.fi/attachment.asp?path=1;1574;1591;26340 |archive-date = 2011-01-02 |url-status = dead |url=http://www.euroland.com/arinhtml/sf-yty/2006/ar_eng_2006/index.htm |title=Annual Report 2006 |last=YIT Group |access-date=2007-08-07}} The Construction Services division, building homes, water and waste treatment plants and infrastructure ranging from railway stations to golf courses remains the group's largest source of revenue as of the end of 2006.

In June 2017, the company announced its intention to acquire rival Lemminkäinen for €632 million (£553.6 million) in an all-share deal representing a 40% premium over Lemminkainen's current share price. The new YIT was born when over 100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018.

Notable projects

YIT was the main contractor for the Finnish Parliament building, the Pikkuparlamentti (), which was inaugurated in 2004.{{cite web |url = http://web.eduskunta.fi/Resource.phx/parliament/aboutparliament/presentation/annex.htx |title = Parliament Annex - Little Parliament |last = Parliament of Finland |access-date = 2007-08-02 |archive-url = https://web.archive.org/web/20070711205826/http://web.eduskunta.fi/Resource.phx/parliament/aboutparliament/presentation/annex.htx |archive-date = 2007-07-11 |url-status = dead |title = Finland's tallest block of flats to be built in Vuosaari, Helsinki |publisher = YIT Group |url = http://www.yitgroup.com/Content.aspx?path=16407;16412;30910;30970 |date = 2003-06-17 |access-date = 2007-08-02 |archive-url = https://web.archive.org/web/20070927175456/http://www.yitgroup.com/Content.aspx?path=16407;16412;30910;30970 |archive-date = 2007-09-27 |url-status = dead |url=http://www.emporis.com/en/wm/bu/?id=cirrus-helsinki-finland |archive-url=https://web.archive.org/web/20070330063841/http://www.emporis.com/en/wm/bu/?id=cirrus-helsinki-finland |url-status=usurped |archive-date=March 30, 2007 |title=Cirrus, Helsinki |last=Emporis |access-date=2007-08-11}} Other major projects built by the company include the Helsinki Fair Centre and the Töölö opera house, home of the Finnish National Opera.

Ownership

Ehrnrooth family is the biggest owner of the construction company YIT, 12.1% in the end of January 2012.

Critics

In Bani Walid in Libya, YIT constructed in silence a military factory in 1983. Company changed its name from Perusyhtymä to YIT in 1987.

40 residents made complaints of ammonia observed in YIT residential constructions in St. Petersburg in September 2011. Russians add ammonia to concrete in the winter construction.

Corruption in construction

YIT was suspected of bribes for the public construction office of Helsinki in May 2012. Six people were arrested in May 2012 by order of Helsinki District Court in the investigation of corruption in Helsinki city building contracts. The advantage may have been half a million euros from several years. The investigation is on-going. In July 2014 according to leading Finnish newspaper Helsingin Sanomat YIT is more connected than previously expected in the bribery investigation of Helsinki construction during 2003–2011. YIT is suspected of involvement in the salaries without taxes and grey accountings.

Other

YIT demanded €20,000 sanctions for silence from an elderly couple in Espoo in the conflict of construction in 2011.

References

References

  1. "YIT in brief 2023".
  2. (2023). "Annual Report 2023".
  3. (2022-03-04). "Финская YIT прекратила инвестиции в свой бизнес в РФ". [[ТАСС]].
  4. "Key figures". YIT Group.
  5. [https://web.archive.org/web/20170619083302/http://uk.reuters.com/article/uk-lemminkainen-m-a-yit-idUKKBN19A0LV Reuters]
  6. link. (2012-02-24 [[Kauppalehti]] 21.02.2012)
  7. Kouluksi naamioitu asetehdas, Suomalaiset rakensivat Libyaan salaa valtavaa teollisuushallia Helsingin Sanomat 31.8.2011 B1
  8. “Ompelukonetehdas” autiomaassa, Suomalaiset rakensivat kaikessa hiljaisuudessa miljardin markan asetehtaan Libyaan, Helsingin Sanomat 28.8.1994
  9. Perusyhtymä urakoi asetehdasta Libyaan, Ilta Sanomat 28.9.1983
  10. [http://www.hs.fi/english/article/Ammonia+fumes+in+St+Petersburg+apartment+house+taints+reputation+of+Finnish+construction+company+YIT/1135269224887 Helsingin Sanomat] 10.9.2011
  11. [http://yle.fi/uutiset/kotimaa/2012/01/quotpoliittiset_virkanimitykset_ovat_suomalaista_korruptiotaquot_3173067.html Poliittiset virkanimitykset ovat suomalaista korruptiota] yle 13.1.2012 {{in lang. fi
  12. [https://archive.today/20120713090746/http://omakaupunki.hs.fi/paakaupunkiseutu/uutiset/helsingin_rakennusvirastosta_erityistilintarkastus/ Helsingin rakennusvirastosta erityistilintarkastus] HS 16.5.2012 A11 {{in lang. fi
  13. [http://yle.fi/uutiset/6_detained_in_helsinki_construction_bribery_probe/6104382 6 detained in Helsinki construction bribery probe] yle 21.5.2012 {{in lang. fi
  14. Lahjuksen rikoshyöty oli puoli mljoonaa, Helsingin poliisi esittänee syytteitä yli kymmenelle epäillylle HS 27.6.2012 A12 {{in lang. fi
  15. Epäilty: YIT tiesi lahjonnasta Helsingin Sanomat 10.7.2014
  16. [http://yle.fi/uutiset/yit_epaillysta_perusteettomasta_laskutuksesta_johto_ei_osallinen_rikokseen/7348476 YIT epäillystä perusteettomasta laskutuksesta: Johto ei osallinen rikokseen] yle 10.7.2014
  17. YIT pelotteli sakoilla eläkeläisparia hiljaiseksi Länsiväylä 7.12.2011

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companies-based-in-helsinkiconstruction-and-civil-engineering-companies-established-in-1912companies-listed-on-nasdaq-helsinkiconstruction-and-civil-engineering-companies-of-finlandservice-companies-of-finlandfinnish-companies-established-in-1912multinational-companies-headquartered-in-finland